Citi lowered the firm’s price target on Nio (NIO) to $8.10 from $8.90 and keeps a Buy rating on the shares. The firm expects the company’s Q1 vehicle margin to decline quarter-over-quarter to 11%-12% due to car sales’ low season, “tepid” sales of Nio brand before upgraded models launches in Q2, and lower than expected sales of Onvo. The firm sees earnings improvements for Nio to kick in from mid-Q2 given the company’s “intensive” model launches from April and May, and margin improvements on better scale effect.
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